Published: 30 October 2013

Interfin published an update saying the capitalisation and loan recovery initiatives for the bank are still being pursued while the holding company remains suspended from the ZSE until the resuscitation process has been concluded.

The Reserve Bank of Zimbabwe (RBZ) extended to 2014 the curatorship of troubled Interfin Bank Limited in a bid conclude plans to shore up the undercapitalised institution as well as recover funds from debtors.

Interfin was last June placed under the management of Peter Bailey of KPMG Chartered Accountants after an investigation by the central bank revealed that the bank was teetering on the brink of collapse.

Three potential investors have expressed interest in investing into the bank and negotiations are currently underway.

Loan repayments by borrowers have remained very slow due to the number of cases in the courts and the tight liquidity conditions prevailing in the economy.

To date 248 summonses valued at $105.7 million have been issued as the bank tries to enforce and quickly recover what it is owed.

Cases valued at $500 000 (0.48%) only have been settled in full, whilst judgements valued at $54.6 million (51.66%) and $16.3 million worth of provisional sentences (15.37%) have been obtained.

The bank is still waiting for judgements and provisional sentences on cases valued at $29.3 million (27.71%). 
- businessdaily

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